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USD/CAD Forecast September 8, 2017, Technical Analysis

By:

Christopher Lewis

Updated: Sep 8, 2017, 04:23 GMT+00:00

The US dollar fell slightly during the day against the Canadian dollar on Thursday as we continue to see the fallout from the surprise interest rate hike

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Read what the experts are trading this weekExclusive analysis from FXEmpire top analysts — curated insights you won't find on the free site.

The US dollar fell slightly during the day against the Canadian dollar on Thursday as we continue to see the fallout from the surprise interest rate hike in Ottawa. Longer-term, I believe that the market is going down to the 1.20 level, which is the next significant support level, and I think that rallies will be nice selling opportunities in a market that certainly is very bearish. We recently have broken below an uptrend line on the weekly charts, and at this point the 1.20 level is the next obvious support level that the market will probably go looking towards.

USD/CAD Video 08.9.17

About the Author

Christopher LewisSenior Analyst

Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.

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